with the Dodd-Frank act, including its repeal. Bernie Sanders believes the repeal was instrumental in “sowing the seeds for the bank's [Silicon Valley Bank] failure.”
"Let's be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed," Sanders wrote in a statement on Sunday.
Sanders was referring to the Economic Growth, Regulatory Relief, and Consumer Protection Act, which former President Donald Trump signed into law in May 2018.
The bill was seen as a significant rollback of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. At the bill signing, Trump commented on the previous banking reforms, saying "they were in such trouble. One size fits all — those rules just don't work," per The Washington Post.
A good (and brief!) read:
http://www.msn.com/en-us/money/markets/bernie-sanders-says-silicon-valley-bank-s-failure-is-the-direct-result-of-a-trump-era-bank-regulation-policy/ar-AA18y3Th?ocid=msedgntp&cvid=7904f626df8b4ab6b3bf137f26e28892&ei=20
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